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I got it for my husband and me both. It's bankruptcy insurance, basically. It should help prevent either one of us or our kids from going broke and having no money left over to live on. My mom had Banker's Life and it was a scam, she thought it plus Medicare would cover everything. Really. In reality, it was almost impossible to actually get even what she was entitled to, and it barely defrayed expenses at all. The policy even said it was not long-term care insurance, and IMHO whoever sold it to her had a non-functional conscience if they had any.
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My mother has a policy through Genworth. It is currently paying for her care in a memory care unit. Her care is not at the maximum of what it will pay and it pays for 4 years.I am very glad she got this policy even though it was very expensive. It is not paying for a portion of her care, it is paying 100%. I just got a policy for myself because Alzheimer's runs rampant in my family...on both sides. My policy is not Genworth but it is the same expect it pays for 3 years when activated. I am happy I was able to get it so my husband will have help when the time comes. It covers home health care, adult day care and facility care.

If you are looking for one...make sure you choose a reputable company not an unknown company. Look for one that can show you that the premiums do not go sky high as you age, ask about the ease of activating it, does it pay for home health care...can you still pay the premiums if using home health care, check on adult day care, respite care for your family member who is your caregiver, and as in my mom's and my policy...once you enter a facility, you stop paying premiums. Ask about inflation...mine has a 5% inflation rate a year, meaning the amount the policy pays per day for me, inflates 5% a year. Research and research to check on companies that defaulted on paying...this is why you chose a reputable company.
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My grandparents didn't have any protection against long-term care, thus, my parents and their siblings paid for their care, from this experience, my parents purchased a shared policy - the spousal ltci. When you don't have any kind of protection, it can be devastating to you and your loved ones. Just make sure to consult and discuss with your family, lawyer and an ltci specialist before buying one so you can determine if you have the ability to pay the premiums including future increases and if your family members are committed to assist you with your future long term care needs. In addition, don't forget to consider the reviews and reputation of the insurance provider and don't just settle for one carrier, shop from different insurance companies, you can get long-term care insurance quotes online, and speak with a specialist so you can compare and choose the best one.
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Pricing for the same level of long term care coverage can vary greatly between companies, with some companies charging over 100% more than others. Work with an independent insurance agent that can provide quotations from numerous companies.
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We have long-term care through Genworth. SPEAK TO A TRUSTED FINANCIAL PLANNER. Plans and costs vary. Because of our age, we pay an enormous amount for the coverage, but believe it will be worth it. Good luck.
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My mother has been paying for decades to Metlife and so far it isn't paying anything for assisted living or board and care, which she definitely must have, only pays for skilled nursing which she hasn't needed yet, nor may never. Geriatric manager says it pays what most do, which is next to nothing.
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Long Term Care insurance is extremely expensive but worth it if you have assets you are trying to protect. But one option that is becoming increasingly popular for younger seniors is to purchase a specialized type of life insurance policy - one that has "living benefits". These benefits allow the beneficiary to access a portion of the death benefit while still living, in the event of a chronic, terminal or critical illness. Plans and benefits vary, so make sure you speak with an independent agent who can shop multiple companies on your behalf.

Don
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MIL had one with New York Life that was great. (She passed 2 wks ago.) It paid 4+ of the $6,000 per month. Also was used when she was still in her home. Not sure how many years it would pay for.
Just hope we will be able to afford something similar!
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I am very glad that my mother wisely chose to buy a long term care policy with S.H.I.P., Senior Health Insurance Company of Penn. She bought several riders on it such as yearly increase, home health care and home builder care, premiums cease after going into the nursing home, and it lasts as long as she lives. She's already gained in benefits since 2009 more than she paid in from premiums. My regret is that she did not tell me or her husband about it for she could have benefited from it when she was still home. It pays $5,000 + of the $7,000 + monthly bill. The rest is covered by her life savings and securities.
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My parents have long-term care insurance and so far so good. We didn't encounter problems when we filed for claims. Genworth is making everything easy for us. It really pays to have a policy because it helps pay for their assisted living facility. The company also matters so choose a company that has been in the business for a while now and can meet your expectations when your file for claims. I know it's pricey but it's totally worth it just take it from me. If you're on a tight budget and you're keen in having long-term care insurance, I recommend comparing long term care insurance quotes. Through this, you can compare policies from one carrier to another, costs, benefits and discounts.
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